More holes from the Northwest Territories are helping Alberta Star Development (ASX-V, ASXSF-O) expand its knowledge of the iron oxide-copper-gold (IOCG) mineralization that gave rise to two past producing mines in the area.
The latest results come from the last four holes of a 17 hole drill program at its Camelback IOCG and uranium target and were highlighted by:
- Hole CB-07-07 — 2.8 meters of 11.88 grams per tonne silver and 1.5 meters of 20.9 grams per tonne silver.
- Hole CB-07-08 — 3 meters of 25.3 grams per tonne silver including 1.5 meters of 36.4 grams per tonne silver.
- Hole CB-07-12 — 16.45 meters of 0.12% copper.
Alberta Star says the drill program hit multiple zones of poly-metallic mineralization. The mineralization is associated with zones of hydrothermal alteration and brecciation that are locally enriched in silver, copper, lead, zinc, cobalt, and vanadium, Alberta Star says.
In addition, the company says multiple zones of sulfide mineralization outcrop in semi-continuous gossanous zones that stretch over 3.5 km.
At present, Alberta Star estimates mineralization at Camelback to extend 3.5 km in length and 1 km wide.
Camelback sits 7.5 km east of the old Eldorado uranium mine and is one of 10 projects that fall within the company’s Eldorado & Contact Lake permit areas.
The permits cover roughly 390 sq. km on the eastern side of Great Bear Lake in the Northwest Territories — roughly 470 km north of Yellowknife.
Two past producing silver and uranium mines — Echo Bay Silver mine which produced 24 million ounces of silver and the Eldorado Uranium Mine which produced 15 million lbs of uranium and 8 million ounces of silver — operated within the company’s territory.
In Toronto on Apr. 11 the Vancouver-based company’s shares gained a penny to finish at 39 on roughly 138,000 shares traded. Its shares have traded between $2 and 35 and the company has roughly 105 million shares outstanding.
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